HSBC draws line under Mexican cartel case after five-years on probation

Europe's biggest bank paid a $1.9 billion fine and entered into the five-year deal in 2012 for failing to prevent Mexican drug cartels from laundering hundreds of millions of dollars.

HSBC is no longer under threat of prosecution in the USA over allegations of money laundering in Mexico.

In its annual report this year, HSBC said that the monitor concluded that the bank continued to make progress in enhancing its compliance controls, but expressed "significant concerns about the pace of that progress" and "instances of potential financial crime" that were being reviewed by the Justice Department and the bank.

HSBC shares rose 2.5 percent, the most among major European banks, as the STOXX European index of 600 lenders () rose by 0.28 percent.

The bank said on Monday that the monitor, former United States district attorney and financial crime expert Michael Cherkasky, would "continue in that capacity for a period of time at the FCA's discretion". The motion came nearly exactly five years after the Justice Department put HSBC under the deferred prosecution agreement and.

Fury licence to be considered by BBBofC in January
The ban ends on December 12 so Fury, and his cousin Hughie Fury , are able to fight again if they receive a renewed licence. Joshua's promoter Eddie Hearn has said he wants to see his fighter take on Fury in an all-British showdown next year.

At the same time the UK's Financial Conduct Authority appointed Cherkasky in a similar role on its behalf and HSBC said he would "continue in that capacity for a period of time at the FCA's discretion". The agreement also pushed off any criminal prosecutions-making it a deal one observer said at the time amounted to "the world's largest wrist slap".

As part of the agreements with the US prosecutors and Britain's Financial Conduct Authority (FCA), HSBC also installed an independent monitor charged with producing annual reports on the progress of its reforms on fighting financial crime.

On Monday, HSBC said it had "lived up to all of its commitments" under the DPA and was pleased that the DoJ had recognised its progress in strengthening its compliance with anti-money laundering rules and sanctions rules.

HSBC says the DPA has now expired. The bank is working on "further improvement" to its capabilities, he added.

Ian Gordon, an analyst at financial firm Investec, said: "It is clearly a relief that the DPA has not been extended in contrast to Standard Chartered".

Related Articles

AK Steel Holding Corp (NYSE: AKS)'s ATR-14 is at 0.23, while its weekly volatility is at 4.27% and monthly volatility is at 4.37%. The basic materials company reported ($0.83) EPS for the quarter, missing the Zacks' consensus estimate of $0.35 by $1.18.

Police told HuffPost they were unsure whether the reported explosion was inside the Port Authority building or the subway system. Andre Rodriguez, 62, a caseworker at one of the city's shelters, said that he heard an explosion shortly before 7:30.

It is unknown if the shots fired by the trooper wounded Kays or if Kays was wounded by his own gun or debris from the shots fired. The bullet skimmed the top of Trooper Morgenn Evans' head Tuesday night in the city of Jeffersonville, state police Sgt.

Tapper pressed, referring to statements Moore made in both 2005 and 2015 in which Moore said homosexual conduct should be illegal. Then the candidate's wife Kayla Moore tried to defend her husband against anti-Semitism charges, which she branded 'fake news'.

Target (tgt) is buying tech start-up Shipt in a bid to become a much more serious contender in the same-day delivery wars. There are plans to incorporate Shipt into Target's app and website, but the companies did not say when that would happen.

A dating analysis of the rocks showed that the rocks were 7,000 years old while the sandbar beneath it is only 4,000 years old. The bridge now connects Pamban island in India's Tamil Nadu state with Sri Lanka's Mannar island.

The company is working on plans to begin developing VCSEL (vertical-cavity surface-emitting laser) chips. That's the company Apple already uses for some of its depth-sensing tech in AirPods and iPhone X .

NFF Set Up 4-man Investigative Panel — FIFA sanction
For instance, when we played Cameroon, Mikel, Moses and Balogun were put on notice that they had yellow cards. This sanction is a result of Abdullahi's failure to serve the automatic one-match ban imposed on him.

Toshiba, Western Digital Settle Chip Unit Dispute (News)
Fab 6 will be entirely devoted to the mass production of BiCS FLASH, the next-generation of 3D flash memory, starting next year. The Western Digital-Toshiba settlement extends the companies' NAND joint venture investments to December 31, 2027 and beyond.

Minnesota Lieutenant Governor Tina Smith to replace Franken
Smith is a New Mexico native, now a Minneapolis resident, and received degrees from Stanford University and Dartmouth College. He did not, however, set a date for his departure from the Senate, saying only that he would leave "in the coming weeks".

After 14 months, a new and improved New Shepard flies again
However, it continued to fly and then successfully landed, along with the crew capsule, which was the primary goal of the test. The second New Shepard rocket, however, successfully launched and landed five times between November 2015 and October 2016.